Is now a good time to buy property?

One of the most crucial skills for successful investors is knowing the best time to buy.

Factors that need to be considered are the current variable or fixed interest rates, vacancy rates, house values and median house prices.

According to the Housing Affordability Report from the Real Estate Institute of Australia (REIA), the rate of housing affordability improved across the country in the March quarter.

Findings from the report showed that the proportion of income needed to meet home loan repayments has fallen to 29.9 per cent, a decline of 0.5 per cent.

"Housing affordability has been slowly improving for seven consecutive quarters, with the proportion of income required at its lowest since the December quarter 2009," said REIA president Peter Bushby.

In even more encouraging news, another report from the REIA in conjunction with Bendigo Bank has shown that the weighted average house price in Australia has decreased slightly.

The Real Estate Market Facts report found that weighted median house prices dropped by 0.2 per cent to $534,015 during the March 2013 quarter.

Median prices for 'other' types of property also fell slightly by 0.9 per cent bringing the weighted price down to $434,601.

These are positive results for the real estate sector, as these changes will allow many new buyers to obtain a first home buyer home loan and make a move into the property market.

These improvements in prices and affordability may signal that now is a good time to enter the market, but it is extremely important that prospective buyers receive quality home loan advice before purchasing.

The market may be posting positive results for buyers, but it's a good idea to check that you're able to afford a property before beginning a search for property.